Almatis says senior lenders vote for prepackaged restructuring

Almatis said the majority of its senior lenders have voted in favor of the German aluminum company's plan for a prepackaged reorganization

By

Ainsley Thomson, LBO Wire

May 12, 2010 6:36 pm GMT

Almatis said the majority of its senior lenders have voted in favor of the German aluminum company's plan for a prepackaged reorganization to accelerate its exit from Chapter 11 into the control of Oaktree Capital Capital Management.

The Chapter 11 process will be used to instigate a debt-for-equity swap that will more than halve the company's $1bn debt to about $422m.